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The real estate industry is experiencing a wave of new changes, but don’t worry—these updates are designed to bring positive benefits for both buyers and sellers. At Elam Real Estate, we believe these changes will only make the process smoother and more transparent.
Here’s a quick breakdown of the most important shifts:
Formal Agreements for ShowingsWhen touring homes, you'll now be asked to sign a formal agreement. Some are simple touring agreements with no further obligation, while others may be more formal, and your agent will guide you through the options.
Compensation TransparencyPreviously, buyer’s agents could easily see compensation details in the Multiple Listing Service (MLS). Now, that information isn’t as readily available. Agents will need to inquire with listing agents to clarify compensation details.
Increased Transparency OverallOne of the greatest benefits of these changes is the enhanced transparency for all parties. Buyers and sellers will have a clearer understanding of responsibilities and costs from the outset.
Our Elam Real Estate agents are here to provide the value you deserve by helping you navigate these changes with ease. Whether it’s a buyer’s market or a seller’s market, our team is ready to guide you through the best strategies for success in the current environment.
Reach out to Elam Real Estate to discuss how we can help you make the most of these industry changes!
Real Estate Is Still Considered the Best Long-Term Investment
With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):
If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.
Why Do Americans Still Feel So Positive About the Value of Investing in a Home?
Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity.
Bottom Line
Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment. If you’re ready to start on your own journey toward homeownership, let’s connect today.